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SEBI Prohibits Citizens, NRIs from Buying DRs of India-Listed Companies - 11.10.2019
Securities and Exchange Board of India has barred Indian citizens, including those ordinarily resident overseas, from buying depository receipts (DRs) issued by locally-listed companies, seeking to tighten ownership rules on entities that are raising funds through equity sales abroad.
Tags : SEBI NRI
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Apex Court to Commercial Courts: Don’t Hear all High Value Pleas - 11.10.2019
Apex Court has cautioned the Commercial Courts from entertaining all the pleas, involving high value, coming before it as it is fraught with the consequences of clogging them and defeating the very purpose for which they were created that is the speedy and early disposal of cases involving commercial disputes.
Tags : Apex Court Commercial Courts
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SEBI Comes Out with Liberalised Norms for Depository Receipts - 11.10.2019
Securities and Exchange Board of India has come out with a detailed framework for issuance of depository receipts (DRs), a move that will provide Indian companies increased access to foreign funds.
Tags : SEBI Depository Receipts
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SAT Reduces Market Ban on Inventure Growth - 11.10.2019
Securities Appellate Tribunal has reduced the market ban period on Inventure Growth and Securities to three years as well as set aside restrictions on certain directors of the company in a matter related to furnishing of false information in Initial Public Offer documents. In August, Securities and Exchange Board of India had barred the company and all its directors from the securities market for four years.
Tags : SAT Market Ban
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Apex Court Gives Clean Chit to Government Job Promise Default - 11.10.2019
Apex Court has ruled that displaced workers have no absolute fundamental right to employment and a Government can in “overriding public interest” renege on a job promise to a group without having to provide “individual opportunities” to everyone in the group. It set aside the findings of a Single Judge and a division bench of Kerala High Court that said that the Kerala Govt could not abandon its promise to absorb the arrack workers rendered jobless by the 1996 ban on the liquor in the State.
Tags : Apex Court Government Job
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Supreme Court Restrains I-T Department from Reassessing NuPower Accounts - 11.10.2019
Supreme Court has disallowed the Income Tax Department’s bid to reassess the accounts of Deepak Kochhar-owned NuPower Renewables to investigate an investment made in the company eight years ago, agreeing with a high court ruling that the matter was time-barred and would fall in the realm of “fishing enquiries.”
Tags : Supreme Court NuPower Accounts
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Bombay High Court: GST not Applicable on Duty-Free Shops for Sales to Outgoing Passengers - 11.10.2019
Bombay High Court has ruled that, Goods and Services Tax is not applicable on the Duty-Free Shop at Mumbai International Airport for goods sold to outgoing passengers. The Petitioners had sought a declaration that the consideration being paid by it to Mumbai Airport under a concession agreement towards the minimum guaranteed fees/ concession fees for grant of rights and use of licensed premises of duty free shops in the departure or arrival area of international airport is not liable to GST.
Tags : Bombay High Court GST
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NCLT: Sole Proprietary Concern Cannot Start Insolvency Proceedings - 11.10.2019
National Company Law Tribunal Delhi has ruled that since a Sole Proprietary Concern is not a person under Section 3(23) of the Insolvency and Bankruptcy Code, 2016 it cannot initiate insolvency proceedings.
Tags : NCLT Sole Proprietary Concern
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AAAR West Bengal: No Abatement for Construction Service on Value of PLS Realized Separately - 10.10.2019
Appellate Authority of Advance Ruling, West Bengal has held that that no abatement has been prescribed for construction service under Serial Number. 3(i) read with para 2 of Notification Number 11/2017 – Central Tax (Rate) dated 28.06.2017 is applicable on the value of PLS realized separately from the buyers.
Tags : AAAR West Bengal Abatement
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Central Information Commission: ED can Withhold Names of Tax Evaders in Panama Papers - 10.10.2019
Central Information Commission has ruled that the names of alleged tax evaders appearing in the Panama Papers leak can be withheld by the Enforcement Directorate (ED) from disclosure. The Commission made these observations while deciding the plea of Durga Prasad Choudhary who did not get a satisfactory response from the agency on his Right to Information application.
Tags : Central Information Commission Panama Papers
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